Odaily Planet Daily report: Analysis suggests that rising U.S. Treasury yields and bond yields across major global economies are reducing market appetite for high-risk, non-yielding assets like Bitcoin. Meanwhile, amid developments in Iran, concerns over potential supply disruptions in the Strait of Hormuz have intensified, prompting some speculative capital to flow into commodity markets such as crude oil, copper, and sulfur.
Market data shows that Bitcoin has declined over 3% in the past 24 hours and is down approximately 10% from its recent high of around $82,500 on May 6. Amid the market downturn, U.S. spot Bitcoin ETFs have continued to experience outflows. This week, U.S.-listed spot Bitcoin ETFs saw net outflows of approximately $1.26 billion, marking the largest weekly outflow since January this year. The previous week also saw outflows nearing $1 billion, bringing the total net outflow over the past two weeks to over $2.26 billion.
Additionally, there is a view that funds may be shifting toward potential SpaceX IPO-related trades, with trading volumes in certain blockchain-based pre-market derivatives tied to SpaceX’s IPO already reaching millions of dollars. (CoinDesk)